Duell (DUELL) Q1 2026 earnings summary

Executive summary

• Net sales and profitability declined 11.7% year-over-year in Q1 2026, mainly due to a delayed winter season and ongoing brand portfolio transitions in France.

• Performance Uplift program and warehouse consolidation in the Nordics are progressing as planned to improve efficiency and profitability.

• Positive momentum observed in the Eastern European motorcycle market, especially Poland, despite fierce competition.

• Inventory levels remain high despite improved net working capital management.

Financial highlights

• Net sales for Q1 2026 were €25.0 million, down 11.7% from €28.3 million in Q1 2025.

• Adjusted EBITA was -€0.1 million (margin -0.5%), compared to €0.7 million last year.

• Gross margin was 24.1%, slightly down from 24.9% year-over-year.

• Operating expenses reduced to €5.8 million from €6.1 million.

• Net cash flow from operating activities improved to -€1.9 million from -€4.8 million year-over-year.

Outlook and guidance

• Guidance for the fiscal year remains unchanged: organic net sales and adjusted EBITA expected to be at last year's level.

• Market environment anticipated to stay suppressed due to fragile consumer sentiment and ongoing uncertainty.